After the success of Binance Smart Chain (BSC), a centralized exchange launched their blockchain to build their ecosystem. Following the trend, OKEx exchange launched OKExChain.
What is the OKExChain Wallet?
The OKExChain Wallet is where OKT and standard tokens are stored in the OKExChain blockchain platform. OKT is the native token of OKExChain. You can send and receive OKT and standard tokens as well as interact with applications on the OKExChain platform.
Coin98 Wallet officially integrated OKExChain at the end of September, a blockchain developed by OKEx exchange. OKExChain has the goal of creating a decentralized trading platform, operating with community-centric criteria, with transparent trading rules, and allowing users to have full control over assets.
In particular, this wallet is owned by you, so no one has the right to influence or use the wallet other than you.
OKExChain Wallet has 3 extremely important pieces of information you must note:
- Wallet address: A sequence of numbers and characters used to send assets to the OKExChain wallet. Others can transfer coins to you through the wallet address you provide. A OKExChain wallet address (OKT KIP10 KIP20 NFT) will have the following format: 0x0C6C262482CC6A927758cAd4aebf4DD510F061a5
- Passphrase: A security key that can be understood as a password consisting of any 12 English keywords. If you want to perform the wallet recovery operation, you must go through the Passphrase login step. Format of a Passphrase: charge letter chalk skate lottery execute business picture engine gauge foster keen.
- Private key: This is a string format to connect to the account, quite similar to the password of a bank account. Format of a Private Key: 0xc2ad509f4a419f3a2b5215a0defe709b0ded93fb74e7890b6f2fa9c000c88d1f.
To make it easier to visualize, you can imagine that the OKExChain Wallet is a bank account, the wallet address is the account number and the passphrase/private key is the password.
The difference here is that with a bank account, other people will know your personal information. As for the OKExChain Wallet, the user becomes anonymous, no one knows who owns the wallet, and transactions only occur through the address encoded into a sequence of numbers and characters.
Where to create a OKExChain Wallet?
You can create a OKExChain wallet through Coin98 Wallet.
Coin98 Wallet is a non-custodial & NFT wallet that not only supports the OKExChain platform but also many other platforms such as Ethereum, Polygon, Kusama, BSC, HECO Chain, Near, Avalanche (C-Chain & X-Chain) ), Polkadot, Cosmos, Terra, Fantom, Persistence, Bitcoin, TomoChain, Celo, Binance Chain, Tron, THORChain, BandChain, Kava, xDAI, Ronin, GateChain, Klaytn, KardiaChain, KuCoin Chain, Optimism, Arbitrum on Ethereum, Arbitrum on xDai, Boba Network, …
Because it is a decentralized wallet platform, users are in complete control of assets, no one has access to your wallet including the developers. You can rest assured when storing OKT & KIP10/ KIP20 standard tokens here.
How to create a OKExChain on Coin98 Mobile Wallet
This tutorial will guide you on how to create a OKExChain wallet on both mobile and desktop interfaces, you can also install both to flexibly switch use.
Download and access Coin98 Mobile Wallet
Coin98 Mobile Wallet currently supports users to store, send and receive OKT and standard tokens of OKExChain from version 10.2.
OKExChain Wallet is now available on the Coin98 Mobile Wallet for both iOS and Android users.
After downloading the app, you open the Coin98 Wallet application and select the language you want to use to directly access the wallet interface.
At this interface, you can create a new wallet or restore an existing wallet from other wallet applications to Coin98 Wallet.
Create the OKExChain Wallet (OKT KIP10 KIP20 NFT Token)
Step1: Open the application, at the homepage click Manage.
Step 2: Click Add Wallet and click on the icon OKExChain Wallet (OKT KIP10 KIP20 NFT Token) to create a OKExChain wallet or you can choose to create a Multi-chain wallet to own more wallets with the same passphrase (recommended). → Create
Step 3: Create a name for the wallet (name it something that you can remember or is convenient for later use). Click Next.
Step 4: Backup the Passphrase/ Private key in a safe place. Note: these are VERY IMPORTANT information that directly affects control over your assets.
- Copy and paste the Passphrase/ Private key into the Confirm box.
- Tick the box Backup your recovery key and click on the copy icon to confirm that you have saved your Passphrase/ Private key. You must save the security key in a safe place and do not disclose it to anyone. Otherwise, your account is at risk of being stolen when someone knows these sequences of characters.
- Tick the remaining two boxes to confirm that you understand the risks if you lose your Passphrase/ Private key.
Select Create Wallet.
Once done, you can also go to Manage → Manage All Wallets to check the newly created Ronin wallet.
How to create a OKExChain on Coin98 Extension Wallet
Install Coin98 Extension Wallet
You access chrome.coin98.com to install the Coin98 Extension Wallet.
For instructions on installing and using the Coin98 Extension Wallet, you can refer here.
Create the OKExChain Wallet (OKT KIP10 KIP20 NFT Token)
Step1: Open Coin98 Extension Wallet, enter password. At the homepage click Manage. Click Add Wallet.
Step 2: Select the OKExChain Wallet icon → Create Wallet.
Step 3: Create a name for the wallet (name it something that you can remember or is convenient for later use).
Step 4: As I have stated above, you need to backup the Passphrase/ Private key in a safe place, then tick the boxes in Warning section.
Select Create Wallet.
Once done, you can also go to Manage → Manage All Wallets to check the newly created OKExChain Wallet.
How to receive OKT tokens into Coin98 Wallet
This operation is similar on both the mobile version and the extension, so you should refer to the ways below and follow.
Step 1: Click on the OKExChain Wallet on the main screen.
Step 2: Click Receive.
Step 3: Copy the wallet address or use the QR code address.
Step 1: Click Receive on the main screen.
Step 2: Enter OKT token in the search bar.
Step 3: Click the icon to copy the wallet address or get the QR address.
You can send OKT tokens to the address copied in step 3.
How to send OKT and standard tokens from Coin98 Wallet
This operation works the same on both Coin98 Mobile Wallet and Coin98 Extension Wallet. Here, I will give an example of how to receive OKT stored in a mobile wallet.
Step 1: Click on OKExChain wallet.
Step 2: Choose Send.
Step 3: Select the token and enter the amount of tokens you want to send & the wallet address to send to. Adjust the Gas fee slider to suit your needs → Slide the Send bar to confirm sending.
In addition, you can also go to the Send section in the main interface, select the OKT wallet you want to send from.
- The gas fee for each transaction is paid with OKT, approximately 0.00315OKT
- The default gas fee on Coin98 Wallet has been set at the standard rate that offers the most optimized speed with a reasonable cost.
Some notes when using OKExChain Wallet
Is it safe to store OKT and KIP10/ KIP20 standard tokens on OKExChain Wallet?
Coin98 Wallet is a non-custodial wallet, that is, full control of assets belongs to you, no one has access unless you disclose the key to others.
Is there a fee to send OKT tokens and transfer KIP10, KIP20 tokens?
Sending OKT and tokens from the OKExChain Wallet will cost the blockchain platform fee in OKT to confirm the transaction. But the transaction fees on OKExChain are very cheap and nearly insignificant.
Is it possible to create multiple OKExChain wallets?
Of course! You can create as many OKExChain wallets as you want, each wallet will have a different address and passphrase, so remember to save each of them. Each wallet should be named so that you can easily manage them if you create multiple OKExChain wallets.
Can the OKExChain Wallet store other coins?
OKExChain Wallet can store OKT and standard tokens KIP10 KIP20 supported by the OKExChain blockchain platform. In addition, absolutely do not transfer any coins on other blockchain platforms to OKExChain Wallet if you do not want to lose your assets.
So, through this article, I introduced you to the OKExChain wallet (OKT KIP10 KIP20 NFT). If you have any questions about OKExChain, leave a comment at the end of the article to exchange and discuss with admins and many others.
See you in the next posts.